New Zealand’s Accident Compensation Corporation (ACC) has dumped ANZ in favour of JPMorgan to handle its Australian custodial services.

A spokesperson for the New Zealand government controlled ACC, which manages approximately NZ$8 billion of reserve funds, said JP Morgan will take over in a couple of weeks. “We’re going through the transitioning phases now,” the spokesperson said. It is understood that Northern Trust and RBC Dexia were shortlisted for the ACC appointment. Last year Northern Trust replaced BNP Paribas Securities Services as master custodian of the NZ$13 billion New Zealand Superannuation Fund. “JPMorgan more accurately met our specifications,” the spokesperson said. Trustee Executors will retain custody duties for the New Zealand component of ACC funds. ACC’s largest single mandate is a $1 billion plus global equities allocation to Fidelity International. Other managers in the ACC line-up include: Marathon Asset Management; MFS; Pimco Australia; Paradice Investment Management; Adam Smith Investment Management; and, Independent Asset Management.